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Home Cryptocurrency news

Crypto Market Wrap: Litecoin Lifting 10% as Bitcoin Continues Consolidation

Martin Young by Martin Young
2 years ago
in Cryptocurrency news, Litecoin
Reading Time: 2min read
litecoin
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Crypto markets remain sideways; Litecoin still surging, BNB and Cardano doing well, Bitcoin and ETH flat. 

Market Wrap

As the crypto consolidation continues markets have fallen back again following a day of minor gains. There is still no sign of this correction that everyone is expecting as total market capitalization remains above $250 billion and Bitcoin remains sideways.

Bitcoin fell back to $7,780 yesterday before recovering back to $8,050 during Asian trading today. As was the case yesterday, BTC dropped back below $8k pretty quickly and is still trading there, flat on the day. Unless the bulls can take it above $8.2k BTC will remain range bound.

Predictably Ethereum has also done absolutely nothing and remains trading at $248, a fraction higher than it was this time on Tuesday morning. ETH is still hopelessly tied to Bitcoin and is likely to remain so until some fundamentals kick it into gear.

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The top ten is a mixed affair during the morning’s trading session. Many altcoins have not moved at all since yesterday but one is showing a lot of strength with a 34 percent gain on the week and another 9 percent added today. Litecoin has turned $125 from resistance into support and has surged to $140 as the halving fomo heats up. Analysts expect LTC to reach $150 before traders start taking profits and it retraces a little.  Binance Coin is the only other one moving with a 4 percent gain to reach $33.

The top twenty is looking equally mixed today with Cardano leading things adding 5 percent to $0.088. Tron, IOTA and NEO have notched up a further 2 percent each but the rest remain flat, unchanged from yesterday.

FOMO: Egretia Emerges

Entering the crypto top one hundred with a spike of 30 percent is EGT which is now priced at $0.015. OKEx is driving momentum for this Singapore based video gaming token with a series of giveaways.

A Breaking News: 5 Million EGT Giveaway!!!
11:00 am June 11th  - 11:00 am June 18th in OKEx
More details: https://t.co/jn3pTaOv17 #egt #okex #airdrop #gaming #blockchain pic.twitter.com/DOFzalUUKz

— Egretia (@Egretia_io) June 10, 2019

Zcoin is also on a pump today as XZC adds 20 percent largely driven by crypto exchanges in Thailand. WAX is the third best performer today with a rise of 11 percent. Such a surprise at the red end – it is Aurora again dumping 23 percent; this altcoin is so predictable that everyone should be trading it.

crypto
Total market capitalization 24 hours. Coinmarketcap.com

Total crypto market capitalization is up a tiny fraction from yesterday at $256 billion. The mini $6 billion dump was quickly recovered meaning that markets are still at the same level and still consolidating. Nothing is likely to happen until Bitcoin makes a bigger move, its dominance has been steadily eroding this month and it is now down to 55.4%.

Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

Tags: bitcoinEgretiaLitecoinltcZcoin
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Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

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